OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Data and Key Metrics Changes - Total revenue in the second quarter was $171 million, which is 34% higher than the second quarter of fiscal 2022 [21] - Net income reported was $8.5 million, generating $0.70 per diluted share compared to a net loss of $1.2 million or a loss of $0.10 per diluted share in the prior year [22][58] - Gross profit increased by $14 million to $33 million, with a gross margin of 19.5%, an increase of 460 basis points compared to the same period last year [26][50] Business Line Data and Key Metrics Changes - Revenue in the oil and gas sector increased by 17%, petrochemical revenue increased by 37%, utility sector revenue jumped 40%, and the commercial and other industrial sector saw revenue nearly 4x higher [21][57] - The traction sector declined by 27% compared to the second quarter of fiscal 2022, mainly due to wrapping up a large municipal project in Canada [21] Market Data and Key Metrics Changes - Domestic revenues were higher by 54% to $134 million, while international revenues were 9% lower, driven by lower project volume across Middle East markets [8] - The book-to-bill ratio was 2.4x, resulting in a record backlog of just over $1 billion, which was $581 million higher than a year ago [7][68] Company Strategy and Development Direction - The company is focused on growing its electrical automation platform, expanding services, and diversifying its product portfolio [6] - Incremental capital improvement projects are being identified to enhance capacity and production efficiency [4] - The company is actively pursuing opportunities in LNG, gas pipeline, and gas-to-chemical sectors, as well as renewable markets like hydrogen and carbon capture [71] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to execute the growing backlog and meet customer expectations [28] - The company is managing inflationary pressures and supply chain challenges while maintaining a strong operational performance [52][60] - The current capital cycle has resulted in extended lead times for select electrical components, but the company is managing these challenges effectively [56] Other Important Information - The company amended its credit facility with Bank of America, increasing capacity to $125 million from $75 million [9] - Cash flow from operating activities was a positive $56 million, indicating strong early project cycle performance [27] - Selling, general, and administrative expenses were $22 million, higher by $5 million due to increased performance-based compensation [75] Q&A Session Summary Question: Was there anything unusual in the quarter regarding revenue or cost? - Management indicated that there was nothing unusual; the strong performance was due to diligent cost and pricing management over the past 12 to 18 months [34] Question: Does the company have the capacity to support a $1 billion backlog? - Management confirmed that they have the capacity and have been planning for years, with investments in tools and processes to handle the increased workload [61] Question: Will the company be more selective in bidding for projects? - Management stated that they are not being selective but are focusing on delivering the best solutions for customers while managing project timelines effectively [33]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporati ...

Financial Performance - Revenues increased by 19%, or $20.3 million, to $126.9 million in Q1 Fiscal 2023, driven by a 43% increase in backlog to $592.2 million[93] - Domestic revenues rose by 22%, or $18.0 million, to $100.1 million, with a significant project contributing approximately 13% of consolidated revenues[93] - Gross profit increased by 45%, or $6.0 million, to $19.5 million, with gross profit margin rising to 15% from 13% year-over-year[95] - Net income for Q1 Fiscal 2023 was $1.2 million, or $0.10 per diluted share, compared to a net loss of $2.8 million, or $0.24 per diluted share, in Q1 Fiscal 2022[98] - Selling, general and administrative expenses increased by 6%, or $1.0 million, to $16.9 million, but as a percentage of revenues decreased to 13% from 15%[96] Backlog and Bookings - Backlog at December 31, 2022, was $679.8 million, a 15% increase from $592.2 million at September 30, 2022, and a 63% increase from $416.0 million at December 31, 2021[99] - Bookings in Q1 Fiscal 2023 increased by 97% to $211.8 million, compared to $107.7 million in Q1 Fiscal 2022, reflecting improved strength in core markets[99] Cash and Liquidity - Cash, cash equivalents, and short-term investments decreased to $110.7 million at December 31, 2022, from $116.5 million at September 30, 2022[103] - The company has a $75.0 million revolving credit facility, with no amounts borrowed as of December 31, 2022, and $41.2 million available for issuance[104] - Operating activities used net cash of $0.5 million during Q1 Fiscal 2023, a significant improvement from $27.8 million used in the same period in Fiscal 2022[109] Market and Commodity Risks - The company is exposed to general market risk, particularly from customers in the oil and gas and petrochemical sectors, which may impact accounts receivable and estimated earnings[115] - The company faces commodity price risk due to fluctuating prices of raw materials, with efforts to pass these costs to customers on a contract basis[116] - A derivative contract has been entered into to hedge a portion of commodity price risk, although it is immaterial for Q1 Fiscal 2023[117] Foreign Exchange and Interest Rate Risks - Foreign operations expose the company to foreign currency exchange rate risk, with a realized foreign exchange loss of $0.2 million for the three months ended December 31, 2022[118] - The accumulated other comprehensive loss was $26.6 million as of December 31, 2022, a decrease of $2.4 million from September 30, 2022, due to currency fluctuations[119] - The company does not typically hedge against potential foreign currency translation adjustments[120] - Interest rate risk exists if the company borrows under its U.S. Revolver, with a hypothetical 100 basis point increase in variable interest rates potentially having a material impact[121]

Powell Industries, Inc. (NASDAQ:POWL) Q1 2023 Earnings Conference Call February 1, 2023 11:00 AM ET Company Participants Ryan Coleman - Alpha IR Group Brett Cope - President and Chief Executive Officer Michael Metcalf - Executive Vice President, Chief Financial Officer, Secretary, and Treasurer Conference Call Participants John Franzreb - Sidoti & Company Jon Braatz - Kansas City Capital Operator Welcome to the Powell Industries Earnings Conference Call. [Operator Instructions]. Please also note this event ...

Financial Data and Key Metrics Changes - Total revenue in Q4 2022 was $163 million, a 26% increase year-over-year and a 20% increase sequentially [8][17] - Full year revenue increased by 13% to $533 million, driven by a 15% growth in oil and gas and a 13% growth in petrochemical [11][24] - Net income for Q4 was $8.7 million, or $0.73 per share, compared to $3.3 million, or $0.28 per share in the prior year [11][23] - Full year net income was $13.7 million, or $1.15 per diluted share, with three non-recurring events contributing $0.80 per diluted share [11][25] - Gross margin in Q4 was 20.6%, a sequential improvement of 650 basis points and 320 basis points higher than the prior year [10][21] Business Line Data and Key Metrics Changes - Revenue from oil and gas markets in Q4 totaled $60 million, a 24% increase year-over-year, while utility revenue grew by 42% to over $40 million [8][20] - Traction revenue saw a decline of 18% year-over-year, attributed to the winding down of a large municipal project in Canada [20][24] - The newly reported commercial and other industrial sector generated over $56 million in revenue for the full year, more than doubling compared to the previous year [8][24] Market Data and Key Metrics Changes - Domestic revenues increased by 41% to $133 million, while international revenues decreased by 15% to $30 million due to the winding down of large projects in the Middle East and Asia [20][24] - The book-to-bill ratio in Q4 was 1.6x, marking the fourth consecutive quarter with a ratio over one [9][18] Company Strategy and Development Direction - The company aims to create a more resilient and diversified future, focusing on strategic initiatives to improve profitability and operational excellence [7][12] - Powell is expanding its electrical automation solutions and has introduced new digital products to enhance customer service [13][14] - The company is also focusing on productivity and project closeouts to protect margins amid rising costs [12][26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about entering fiscal 2023 with the highest backlog in the company's history at $592 million, representing a 43% increase from the end of fiscal 2021 [11][25] - The company anticipates solid revenue growth in fiscal 2023, driven by strong commercial activity and a robust order book [25][26] - Management acknowledged challenges in labor availability and rising costs but remains confident in the company's ability to navigate these issues [12][47] Other Important Information - The company ended fiscal 2022 with cash and short-term investments of $117 million and zero long-term debt [25] - A new Vice President of Research and Development has been appointed to enhance product development and innovation [15][55] Q&A Session Summary Question: Should the starting point for fiscal 2022 be $0.35 considering the $0.80 of one-time items? - Management confirmed that $0.35 is a reasonable starting point and noted the typical seasonality affecting Q1 [30][31] Question: What contributed to the services business profitability in the quarter? - Management attributed profitability to pent-up demand in aftermarket work and strategic expansion of services [32][33] Question: What is the expected gross margin run rate for the full year? - Management indicated that while a goal is to maintain margins, various headwinds may affect this [34][36] Question: Can you provide details on the LNG award? - Management described the LNG project as a complex mega project with a significant value, expected to span over two years [39][40] Question: What are the prospects for international market improvement in 2023? - Management expressed optimism about potential improvements in international markets, particularly in Asia and the Middle East [42][64] Question: What percentage of capacity is expected to be operated in fiscal 2023? - Management estimated operating capacity to be in the range of 60% to 75% [45][46] Question: Will the new commercial and other industrial segment replace the previous segments? - Management clarified that the new segment is a subset of previously reported categories, focusing on new growth areas [48][49]

(Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) Delaware 88-0106100 (State or other jurisdiction of incorporation or organization) 8550 Mosley Road Houston Texas 77075-1180 (Address of prin ...

Powell Industries, Inc. (NASDAQ:POWL) Q3 2022 Earnings Conference Call August 3, 2022 11:00 AM ET Company Participants Ryan Coleman - Alpha IR Group Brett Cope - Chairman, President & CEO Michael Metcalf - EVP, CFO, Secretary & Treasurer Conference Call Participants Operator Good day, and welcome to the Powell Industries Earnings Conference Call. [Operator Instructions]. Please note this event is being recorded. I would now like to turn the conference over to Ryan Coleman, Investor Relations. Thank you. You ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-12488 Powell Industries, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Powell Industries, Inc. (NASDAQ:POWL) Q2 2022 Earnings Conference Call May 4, 2022 11:00 AM ET Company Participants Ryan Coleman - Alpha IR Group Brett Cope - President and Chief Executive Officer Michael Metcalf - Executive Vice President, Chief Financial Officer, Secretary and Treasurer Conference Call Participants Jon Braatz - Kansas City Capital John Franzreb - Sidoti & Company Operator Good morning. And welcome to the Powell Industries Earnings Conference Call. At this time, all participants are in a l ...